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The Russia-Ukraine crisis is affecting crypto a lot, but in a good way

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

Throughout the weekend, cryptocurrency is back on solid ground, with BTC’s hash rate increasing significantly, pushing values above the $43,000 (roughly Rs. 32.5 lakh) mark.

The news: The world’s most valuable cryptocurrency started the day slowly, but has seen a 2.09 per cent increase in price over the last 24 hours, with BTC bulls aiming to cross $43,800 (roughly Rs. 33 lakh) as its next target across global exchanges for a new rally. Bitcoin is currently worth $45,238 (approximately Rs. 34 lakh) on the Indian exchange CoinSwitch Kuber.

  • Cryptocurrency’s price on global exchanges was $43,498 (roughly Rs. 33 lakh), up 3.79 per cent in the previous 24 hours.
  • According to CoinGecko data, Bitcoin’s value has increased by nearly 14 per cent since the beginning of February.

What’s going on: Ether, the second-largest cryptocurrency by market capitalization, has performed even better in the last 24 hours. At the time of publication, Ether is valued at $3,137 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber, with values on global exchanges hovering around the $3,000 (roughly Rs. 2 lakh) mark at $3,016 (roughly Rs. 2.5 lakh), where the coin rose by 5.42 per cent in the previous 24 hours.

  • In comparison to the price of Ether a week ago, CoinGecko data shows that the cryptocurrency’s value has dropped by 4.1 per cent, though, like Bitcoin, Ether’s performance has significantly improved since the beginning of February.
  • According to the reports by Gadgets 360’s cryptocurrency price tracker, most popular altcoins have also performed well, with the global cryptocurrency market capitalisation increasing by nearly 4 per cent in the last 24 hours.
  • Cardano, Solana, Avalanche, Polygon, Terra, Binance Coin, Cosmos, Polkadot, and Chainlink have all seen their values rise.
  • On the other hand, Meme coins haven’t had a sustained positive run in a long time, and while the global crypto market has begun to recover, SHIB and DOGE — the two most sought-after meme coins — have yet to go on a big swooping run.
  • Dogecoin is currently worth $0.15 (approximately Rs. 12), up 0.03 per cent in the last 24 hours, while Shiba Inu is worth $0.000032 (approximately Rs. 0.002), up 2.05 per cent in the last 24 hours.

What are they saying: Edul Patel, CEO and co-founder of crypto investment firm Mudrex, stated in an interview, “Over the last day, the global crypto market cap and trading volume increased by nearly 5 per cent and 16 per cent, respectively. Bitcoin now has a 42 per cent market share. BTC’s resistance is $46,000 (approximately Rs. 35 lakh), and support is $40,000 (approximately Rs. 30 lakh), which can help to stabilise pullbacks in the short term. The cryptocurrency market’s ups and downs could be attributed to ongoing tensions between Russia and Ukraine.”

  • As the wider crypto market attempts to recover from a dismal ‘crypto winter,’ Uber, the US-based ride-hailing giant, has stated that it will integrate crypto payments options on its app “at some point.” During a recent interview, CEO Dara Khosrowshahi revealed the company’s future plans. The cab-booking platform claims to be used in 890 cities across more than 70 countries. It has not yet entered the crypto sector, but its future plans align with those of several other major technology companies, including Microsoft and Tesla.
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